Wneschekonombank

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The central administration building of the Wneschekonombank in Moscow

Wneschekonombank ( Russian Внешэкономба́нк (VEB), in German Bank for Foreign Trade ) is a state-owned Russian credit institution . The activities of the bank essentially extend to the administration of the foreign debts of the Russian Federation as well as the funds of the Russian State Pension Insurance Institution. In addition, Wneschekonombank promotes the international competitiveness of the Russian economy, among other things through export risk insurance .

The Wneschekonombank is not to be confused with the Wneschtorgbank (in German "foreign trade bank", today known as VTB ).

history

The company was founded on August 18, 1922 as the Russian Commercial Bank (Российский коммерческий банк). On April 7, 1924, it was converted into the " Foreign Trade Bank of the USSR ". In 1988 it was named Bank for Foreign Economic Activities of the USSR (Банк внешнеэкономической деятельности СССР). After the collapse of the Soviet Union , it was partially assigned new tasks. In 2007 it was renamed the Bank for Development and Foreign Trade (Банк развития и внешнеэкономической деятельности). To this day, Wneschekonombank is 100 percent owned by the Russian state.

Business areas

Today the Wneschekonombank manages the foreign debts of the Russian Federation as well as the funds of the Russian State Pension Insurance Fund .

In addition, Wneschekonombank promotes the diversification and international competitiveness of the Russian economy, especially of small and medium-sized enterprises, with loans and loan collateral . The Wneschekonombank is thus the Russian counterpart to the German Reconstruction Loan Corporation (KfW).

To this end, Wneschekonombank operates nine foreign branch offices around the world: in Switzerland, Germany, France, Italy, Great Britain, the USA, China, India and South Africa.

Group management and supervisory board

Vladimir Alexandrowitsch Dmitrijew has been chairman of the board of Wneschekonombank since 2004, and Sergei Nikolajewitsch Gorkow since 2016. Igor Shuvalov took over this post in May 2018 . The Russian Prime Minister Dmitry Medvedev heads the Supervisory Board .

Current activity and key figures

On December 27, 2007, WTB announced that it had sold its 5.02% stake in the European aviation group EADS to Wneschekonombank. According to Russian press reports, this holds the stake for the state holding of the aircraft industry OAK .

In 2005, the net profit of Wneschekonombank was the equivalent of around 170 million euros, and equity capital was 480 million euros. In 2008 the bank posted losses, including 46 billion rubles for October alone. In December 2015, it ran into difficulties again linked to the drop in the price of oil and the weakness of the Russian ruble .

In 2014, the Obama administration sanctioned the bank in response to the Russian invasion of Crimea; In 2019, VEB awarded John Sweeney a $ 62,500 monthly consultancy contract.

Individual evidence

  1. ↑ Wneschekonombank: Внешэкономбанк открыл Представительство в Швейцарии . Wneschekonombank. March 15, 2011. Retrieved March 24, 2011.
  2. ↑ Vedomosti: Внешэкономбанк . Vedomosti. 2008. Archived from the original on December 27, 2008. Retrieved March 24, 2011.
  3. ^ André Ballin: Förderbank transmits SOS. handelsblatt.com, December 30, 2015, accessed December 30, 2015
  4. ↑ https://www.motherjones.com/politics/2019/09/kremlin-controlled-russian-bank-hires-trump-insider-as-a-lobbyist/

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